Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024
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Delay in certain payments from ICN Fund to Exchequer | ||
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22. (1) Where the Agency— | ||
(a) receives a direction from the Minister under section 19 (5) or 21(4) to pay, from the ICN Fund to the Exchequer, a specified amount (in this section referred to as the “relevant amount”) on or before 31 December of a given year (in this section referred to as the “relevant date”), and | ||
(b) is of the opinion that— | ||
(i) an orderly liquidation of assets of the ICN Fund to the value of the relevant amount may not be possible in advance of the relevant date, or | ||
(ii) the liquidation of such assets to the value of the relevant amount may only be possible on terms that are not commercially acceptable, | ||
the Agency shall notify the Minister in writing of that opinion as soon as is practicable. | ||
(2) Where the Minister receives a notification under subsection (1), the Minister may, with the approval of the Government, specify a date later than the relevant date, on or before which the relevant amount shall be paid from the ICN Fund to the Exchequer, and the Agency shall comply with the direction under section 19 (5) or 21 (4), as the case may be, on or before the date so specified. |